GMGT 1010 Lecture Notes - Lecture 4: Petrol Engine, Mass Production

• School: University of Manitoba
• Department: General Management
• Course: GMGT 1010
• Professor: Sean C. Buchanan

Document Summary

Rival companies keep prices down to be able to stay relevant. Large businesses will lower prices to eliminate competition and then raise their prices back up to make more profit with less competition. Things in our society that aren"t profitable, but they are useful to society. (parks, libraries, postal service, flyers) Most profitable industries include health technology, finance, and technology services. Moral principles that claim that work is desirable and a natural activity in life. The assumption that the consumers are the ones with the power over the producers. You get to choose what business does well versus what business will fail based on what you purchase. Through advertisement we can be manipulated to see things that aren"t good for us as good. In a perfect capitalism market, there would be no government involvement, but this is not seen anywhere. In reality, capitalism is largely influenced by the government.